Jimmy Corporation uses the weighted-average method in its process costing system

Question

Jimmy Corporation uses the weighted-average method in its process costing system. The ending work in process inventory consists of 17,000 units. The ending work in process inventory is 100% complete with respect to materials and 60% complete with respect to labor and overhead. If the cost per equivalent unit for the period is $4.10 for material and $2.10 for labor and overhead, what is the balance of the ending work in process inventory account would be: (Do not round Cost per equivalent unit)

$69,200

$105,400

$91,120

$82,620

Explanation / Answer

Answer : - 91120 Material Labour and Overhead Ending Work in Progress Materials (17000 units *100%) 17000 Conversion (17000 units *60%) 10200 Equivalent units of production in ending work in progress 17000 10200 Ending Work in Progress inventory Material Labour and Overhead Total Equivalent units of Production (1) 17000 10200 Cost per equivalent unit (2) 4.1 2.1 Cost of ending work in process inventory (1*2) 69700 21420 91120

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